The latest figures from the Buy to Let index suggest rental price are holding firm, despite political upheaval and concerns over what happens next in Brexit. Research has found that rental prices have increased by 1.6%. Rents in England and Wales are now an average of £827 per month. This is up 2.1% on last year’s rent prices.
North West and Midlands Rise
Rents in the Midlands and North West have shown the greatest improvements. Rents here risen by 0.3% in June and landlords in the West Midlands are charging £609 per month, on average. Wales is also seeing impressive growth. Prices there rose by 3.6% in the last year, which is good news for Welsh landlords. Tenants pay around £872 per calendar month to rent a property in Wales.
London and South West Falling
The only two regions where rental prices fell were in the South West and London. Prices in the South West fell by 2.6% in the last year and prices in London dropped by 1%. However, the average rent in London is still £1,277, which is well beyond what a lot of people can afford to pay.
“Compared to the month of May, rental prices have held firm or continued to increase – suggesting that recent political turmoil has had little immediate impact on renters,” said Richard Waind from estate and letting agent, Your Move. “The squeezing of yields in recent times may also be showing signs of ending as landlord returns remain relatively stable with the North East and North West, in particular, performing well.”